Steve McIntosh Report Blog

The cowardice and stupidity continue

by Steve McIntosh,posted Feb 8 2013 12:59AM

If Congress fails to pass a comprehensive deficit-reduction package by March first …and it will fail … automatic federal spending cuts go into effect; a trillion dollars over nine years. Problem is, “sequestration” only covers one third of the federal budget … including national defense, law enforcement, and education.
It’s believed such a disruption of government will cost a million public and private jobs over two years.
Left untouched, entitlements … such as Social Security and Medicare … which accounted for 40% of the budget in 1973 and 60% of the budget today. That comes out to $7,400 for each man, woman, and child in the U-S-A.
Problems with entitlements could be solved with a few relatively minor tweaks, which would result in some relatively minor discomfort for American citizens.
Our elected representatives seem to be either too dumb or two chicken to do what it takes to achieve fiscal stability.
The cowardice and stupidity continue…

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Our thought for today is from Mark Twain:

“Suppose you were an idiot and suppose you were a member of Congress. But I repeat myself.”